Speaking to the Sunday Telegraph, Alex Pabon admitted that he and his colleagues "didn't understand what we were doing was wrong."

He added that he expected more criminal trials to take place in future due to lack of awareness among traders regarding rules and regulations.

"Something will happen in 10 years, maybe a hedge fund tables a massive bet and loses a fortune, suddenly they're under scrutiny for something that's been going on forever," he said. "It will just keep happening again and again."